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Should a 1099 be issued to Square for payment fees?
October 27, 2023
Q. We have a few departments that use Square to accept payments. Square subtracts their fees from the payments that are sent to the departments. I have reached out to Square asking for a W-9, and they have refused to send one. If Square is not a corporation that does not receive a 1099, would I need to send them a 1099 for the amount of fees they have subtracted from payments?
If they refuse to send me a W-9, I cannot withhold 24% due to Square subtracting the amount from our payments before…
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